Afghanistan’s central bank to auction $15 million to stabilize Afghani

Afghanistan’s central bank announced on Monday that it will auction 15 million U.S. dollars in a bid to maintain the stability of the national currency, the Afghani.

The auction is aimed at preventing further devaluation of the currency.

In a statement posted on its X account, Da Afghanistan Bank specified that bidders, including moneychangers and private banks, must deposit the equivalent amount in Afghani in cash at the central bank.

The bank has called on eligible banks, foreign exchanges, and monetary service providers to participate in the auction.

Over the past three years, the central bank has injected millions of U.S. dollars into the money exchange market to stabilize the Afghani.

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Since taking power in August 2021, the Afghan interim government has implemented various measures to safeguard the value of the currency against foreign currencies.

As of now, the exchange rate stands at approximately 70.50 Afghani for one U.S. dollar.